Research (*) by Kaspersky Lab and B2B International reveals that 33% of financial services organizations do not offer consumers a secure channel for all online payments, even though 62% have seen a significant increase in online transactions by customers and 50% believe that online financial fraud is increasing. 
The research revealed that many banks and electronic payment companies struggle to fully protect their systems and their customers from financial fraud, in an era where customers are using ever more devices to execute a continuously growing number of online transactions.
The two thirds (65%) of those who participated in the survey said that their customers are using increasingly different devices to make online payments. However, only 53% have implemented a two-factor authentication system. Moreover, only 50% have implemented a specialized solution for combating electronic fraud in real time, although 22% consider this the most effective form of protection. Fewer than half of the companies (42%) extend such a solution to their customers' devices and only 67% implement a secure connection for all online payments.
It is not surprising that 48% admit that it only mitigates the risk rather than removing it entirely, while 29% say it is less costly to address financial fraud incidents when they occur, compared to the efforts of preventive deterrence of these events.
“The research shows that banks and payment institutions are struggling to manage online financial fraud in today’s interconnected and multi-channel environment. 38% of the organisations we spoke to admitted that it is increasingly difficult to distinguish whether a transaction is fraudulent or genuine. It is also worrying that around one third (1/3) are taking a ‘we’ll deal with it when it comes’ approach. When you consider that research revealed 22.9 million financial malware attacks against 2.7 million customers globally in 2014, it is clear that dealing with each incident individually is not a sustainable long-term option. Customers deserve better and so do financial institutions,” said Ross Hogan, Head of Safe Money Business Development, Kaspersky Fraud Prevention, Kaspersky Lab.
The research also showed that the «general‑type» online security solutions are not considered an effective method for preventing increasingly sophisticated and concealed phishing attacks and malicious programs, which can lead to financial fraud. Less than 10% of respondents agreed with this choice.
A specialized solution is the preferred choice. Kaspersky Fraud Prevention is a comprehensive security solution aimed at combating online banking fraud. It provides multi-layered protection for online and mobile banking services. The main platform consists of two subsystems. The first is a clientless mechanism, which is installed within the infrastructure of a bank or electronic transaction service, ensuring an additional layer of security by analyzing banking operations on customers' devices.
The other subsystem is a solution for terminal devices (e.g., computers and mobile devices). Once installed on a Mac or Windows computer, Kaspersky Fraud Prevention for Endpoints checks the authenticity of websites and opens the sites in protected mode, to ensure that all personal data are protected from theft or alteration. It also ensures that no kind of malicious software can be loaded onto the computer. In turn, the Kaspersky Fraud Prevention SDK (Software Development Kit) allows the development of applications for Android, iOS or Windows Phone, which are safe from potential online fraud.
* In the study «IT Security Risks», which was carried out by Kaspersky Lab and B2B International in 2015, more than 5,500 company executives participated, including 131 representatives of banks and payment services from 26 countries.
